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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: New here! Have questions! Date:  5/5/2013  4:34 PM
Author:  aj485 Number:  306960 of 310650

Welcome back.

My husband and I have 5 credit cards between us. He has 3, I have 2. One of his has a zero balance (limit $400), one has a $56 balance (limit $500) and one has a $200 balance (limit $500). I have two... one is almost maxed out at $390, with a $400 limit, and the other has a $50 balance with a $400 limit.

So, my questions are... we have scheduled payments so that we can get
the three cards with high balances near zero in the next two months.

See, this is kind of worrisome. Why do you have balances on the cards that you were not able to pay off immediately, and have to take the next 2 months to pay it off? While you don't have a lot of debt (yours is $440, and DH's is $256, for a total of $696) - the fact that you are carrying balances at all, only a couple years out of BK is not a good thing.

Once we're at that low or no balance, what is the best thing to do?

The absolute best thing to do is to NOT charge anything to the cards unless you actually have money set aside to pay the card before you make the charge. After you get to that stage, you can start figuring out if you want to keep or ditch cards, and if you want replacements.

They don't have very high limits, and the interest rates are miserable, I think all of them are over 22%. except one at 18%.

First, check your cards to see if they have grace periods. Assuming